Homebuilders' Stocks Crushed After Sales Disappoint

Homebuilders' stocks fell sharply Wednesday after the Census Bureau said new-home sales slipped 0.3% in August to 373,000 units on an annual rate, below analysts' forecast of 380,000 units. Analysts said a jump in home prices appears to be keeping new home sales down. The Mortgage Bankers Association's purchase index, another closely watched gauge of the housing market, rose 1% for the week ...

Business is a subscriber feature. Take a free trial now to get instant access.

Try the Digital + Weekly Print Combo and enjoy the best of both worlds!eIBD is available after market close to give you a head start on the next day's market action. Plus, you get the Weekly Special print edition delivered right to your home or office!

Select market data is provided by Interactive Data Corp. Real Time Services. Price and Volume data is delayed 20 minutes unless otherwise noted, is believed accurate but is not warranted or guaranteed by Interactive Data Corp. Real Time Services and is subject to Interactive Data Corp. Real Time Services terms. All times are Eastern United States. *Reflects real-time index prices.